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Properly titled assets can make wills more effective

On Behalf of | May 29, 2019 | Firm News, Wills |

It’s not always easy to make important decisions for the future, especially those regarding health care and finances. Through wills, trusts and other estate planning tools, a Georgia reader can look to the future with confidence. However, every person who has an existing estate plan would be wise to review his or her documents to ensure that important assets are properly titled. 

An asset that is not properly titled can result in that asset ending up with someone or somewhere other than intended. What many people do not understand is that wills only pertain to assets that are part of the probated estate. Assets not included in this category can be a bit more difficult, which is why it’s important for a person to be intentional and specific about certain assets, such as a life insurance payout. 

A life insurance payout will go to the person listed as the beneficiary. This will happen regardless of whether that is what the will states or the decedent wanted. A person who wants to distribute life insurance money through his or her estate will want to name the estate as the beneficiary. Real estate assets are another example of how assets can end up in a different place than expected when not properly titled. 

It’s prudent for a person to review his or her estate plan from time to time, regardless of the size and value of the estate. Georgia readers may want to allow a Georgia attorney to look over their wills to determine if any adjustments are necessary. It is smart to consider how assets are titled and if changes would be prudent.